EARLIEST indicators show that China’s economic engine is humming this summer.

Confidence of small and medium-sized companies rebounded in July, satellites are picking up increasing activity on the ground, sentiment of steel traders and producers has improved, while that of sales managers is at the highest level in more than two years. This buoyancy helps offset concern from wary financial investors.

The signals point to resilience in the world’s second-largest economy, which grew a faster-than-expected 6.9 percent last quarter. Strong expansion allows policymakers to focus on cutting excessive and speculative borrowing, which may eventually hurt growth later this year.

Standard Chartered’s Small and Medium Enterprise Confidence Index snapped a three-month streak of declines and rose to 56, according to the monthly survey of more than 500 companies.

Pickups in sub-indexes indicate a broad-based improvement, and a majority of smaller businesses expect the yuan to remain stable, economists Ding Shuang and Hunter Chan wrote in a note.

Still, smaller firms find it tough to get loans, according to the survey. “Deleveraging has moved up the policy agenda, as the annual growth target appears within reach,” Ding and Chan wrote.

Manufacturing picked up in July, according to the China Satellite Manufacturing Index, which rose to 50.5 this month from 49.5 in June.

Another survey from London-based World Economics Ltd. shows sentiment among sales managers rose to a 26-month high of 52.8 in July. A sub-index for the non-manufacturing sector hit a 30-month high.

“The recent trend in strong growth for the economy has come from consistent increases in service sector business activity,” chief executive officer Ed Jones wrote in a note. “Sales managers are expressing increased optimism that conditions will improve over the next few months.”

The S&P Global Platts China Steel Sentiment Index jumped to 55.3 in July, the first time this year it has breached 50, which separates increase and decrease. The gauge is based on a survey of about 75 to 90 China-based market participants including traders and steel mills.